Securities Available for Sale and Held to Maturity (Tables)

3 Months Ended

Mar. 31, 2016

Investments Debt And Equity Securities [Abstract]

Amortized Cost and Estimated Fair Value of Available for Sale and Held to Maturity Securities

The following tables are a summary of the amortized cost and estimated fair value of securities available for sale and held to maturity at March 31, 2016 and December 31, 2015 ($ in thousands):

	Securities Available for Sale									Securities Held to Maturity
March 31, 2016	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Estimated Fair Value
U.S. Government agency obligations
Issued by U.S. Government agencies	$	63,787	$	522	$	(495	)	$	63,814	$	—	$	—	$	—		$	—
Issued by U.S. Government sponsored agencies		258		28		—			286		63,085		3,437		—			66,522
Obligations of states and political subdivisions		131,464		4,197		(6	)		135,655		54,278		3,116		—			57,394
Mortgage-backed securities
Residential mortgage pass-through securities
Guaranteed by GNMA		24,582		521		(22	)		25,081		16,590		533		—			17,123
Issued by FNMA and FHLMC		324,841		5,719		(2	)		330,558		9,871		502		—			10,373
Other residential mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC or GNMA		1,515,862		26,501		(1,822	)		1,540,541		818,201		17,752		(116	)		835,837
Commercial mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC or GNMA		265,813		6,446		(74	)		272,185		206,178		5,927		(141	)		211,964
Total	$	2,326,607	$	43,934	$	(2,421	)	$	2,368,120	$	1,168,203	$	31,267	$	(257	)	$	1,199,213

December 31, 2015
U.S. Government agency obligations
Issued by U.S. Government agencies	$	68,314	$	555	$	(734	)	$	68,135	$	—	$	—	$	—		$	—
Issued by U.S. Government sponsored agencies		258		23		—			281		101,782		3,282		—			105,064
Obligations of states and political subdivisions		134,719		3,922		(32	)		138,609		55,892		2,918		—			58,810
Mortgage-backed securities
Residential mortgage pass-through securities
Guaranteed by GNMA		25,602		399		(189	)		25,812		17,363		342		(49	)		17,656
Issued by FNMA and FHLMC		222,899		2,956		(313	)		225,542		10,368		311		—			10,679
Other residential mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC or GNMA		1,584,338		9,541		(11,019	)		1,582,860		820,012		4,951		(4,742	)		820,221
Commercial mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC or GNMA		278,429		2,689		(1,892	)		279,226		182,401		1,700		(1,164	)		182,937
Asset-backed securities and structured financial products		25,003		79		(125	)		24,957		—		—		—			—
Total	$	2,339,562	$	20,164	$	(14,304	)	$	2,345,422	$	1,187,818	$	13,504	$	(5,955	)	$	1,195,367

Securities with Gross Unrealized Losses, Segregated by Length of Impairment

The tables below include securities with gross unrealized losses segregated by length of impairment at March 31, 2016 and December 31, 2015 ($ in thousands):

	Less than 12 Months					12 Months or More					Total
March 31, 2016	Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses
U.S. Government agency obligations
Issued by U.S. Government agencies	$	17,160	$	(100	)	$	25,951	$	(395	)	$	43,111	$	(495	)
Obligations of states and political subdivisions		2,391		(3	)		975		(3	)		3,366		(6	)
Mortgage-backed securities
Residential mortgage pass-through securities
Guaranteed by GNMA		3,000		(9	)		1,745		(13	)		4,745		(22	)
Issued by FNMA and FHLMC		—		—			1,054		(2	)		1,054		(2	)
Other residential mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC or GNMA		47,252		(133	)		213,510		(1,805	)		260,762		(1,938	)
Commercial mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC or GNMA		9,647		(56	)		21,082		(159	)		30,729		(215	)
Total	$	79,450	$	(301	)	$	264,317	$	(2,377	)	$	343,767	$	(2,678	)

December 31, 2015
U.S. Government agency obligations
Issued by U.S. Government agencies	$	18,924	$	(81	)	$	30,591	$	(653	)	$	49,515	$	(734	)
Obligations of states and political subdivisions		4,289		(12	)		2,842		(20	)		7,131		(32	)
Mortgage-backed securities
Residential mortgage pass-through securities
Guaranteed by GNMA		20,300		(222	)		1,863		(16	)		22,163		(238	)
Issued by FNMA and FHLMC		82,177		(313	)		—		—			82,177		(313	)
Other residential mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC or GNMA		1,135,533		(8,832	)		238,152		(6,929	)		1,373,685		(15,761	)
Commercial mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC or GNMA		238,668		(2,902	)		11,090		(154	)		249,758		(3,056	)
Asset-backed securities and structured financial products		6,778		(125	)		—		—			6,778		(125	)
Total	$	1,506,669	$	(12,487	)	$	284,538	$	(7,772	)	$	1,791,207	$	(20,259	)

Gains and Losses as a Result of Calls and Disposition of Securities

Gains and losses as a result of calls and dispositions of securities, as well as any associated proceeds, were as follows for the periods presented ($ in thousands):

	Three Months Ended March 31,
Available for Sale	2016			2015
Proceeds from calls and sales of securities	$	24,693		$	—
Gross realized gains		32			—
Gross realized (losses)		(342	)		—

Contractual Maturities of Available for Sale and Held to Maturity Securities

The amortized cost and estimated fair value of securities available for sale and held to maturity at March 31, 2016, by contractual maturity, are shown below ($ in thousands). Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	Securities Available for Sale				Securities Held to Maturity
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due in one year or less	$	23,175	$	23,349	$	6,080	$	6,219
Due after one year through five years		119,745		124,183		47,432		49,158
Due after five years through ten years		3,640		3,746		63,851		68,539
Due after ten years		48,949		48,477		—		—
		195,509		199,755		117,363		123,916
Mortgage-backed securities		2,131,098		2,168,365		1,050,840		1,075,297
Total	$	2,326,607	$	2,368,120	$	1,168,203	$	1,199,213

- Definition

Tabular disclosure of the realized and unrealized gains and losses reported in the statement of income which have resulted from the sale and holding of marketable securities, respectively, as well as the sale or disposal of cost method investments. Such amounts would include realized gains and losses on the sale or disposal of trading, available-for-sale, and held-to-maturity securities, unrealized gains and losses on trading securities, unrealized gains and losses on available-for-sale and held-to-maturity securities transferred to the trading securities category, realized gains and losses on the sale or disposal of cost method investments, and losses recognized for other than temporary impairments (OTTI) of such investments.

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